Taiwan Stock Market Due For Support On Monday

(RTTNews) - The Taiwan stock market has finished lower in three straight sessions, sinking more than 660 points or 2.5 percent in that span. The Taiwan Stock Exchange now sits just above the 25,580-point plateau although it may find traction on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The TSE finished sharply lower on Friday following losses from the financial hares, technology stocks and plastics companies.

For the day, the index plummeted 443.53 points or 1.70 percent to finish at 25,580.32 after trading between 25,469.04 and 25,998.28.

Among the actives, Cathay Financial dropped 0.91 percent, while Mega Financial perked 0.12 percent, First Financial sank 0.84 percent, Fubon Financial dipped 0.16 percent, E Sun Financial shed 0.45 percent, Taiwan Semiconductor Manufacturing Company retreated 1.52 percent, United Microelectronics Corporation rallied 1.24 percent, Hon Hai Precision plunged 4.57 percent, Largan Precision declined 1.28 percent, Catcher Technology tumbled 1.60 percent, MediaTek tanked 2.60 percent, Delta Electronics plummeted 4.07 percent, Novatek Microelectronics slumped 1.36 percent, Formosa Plastics stumbled 1.29 percent, Nan Ya Plastics crashed 3.18 percent, Asia Cement rose 0.13 percent and CTBC Financial was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and spent most of the day in the green.

The Dow jumped 299.97 points or 0.65 percent to finish at 46,247.29, while the NASDAQ advanced 99.37 points or 0.44 percent to close at 22,484.07 and the S&P 500 gained 38.98 points or 0.59 percent to end at 6,643.70.

For the week, the NASDAQ slid 0.7 percent, the S&P fell 0.3 percent and the Dow dipped 0.2 percent.

The strength on Wall Street reflected a positive reaction to a closely watched Commerce Department report showing consumer prices rose in line with economist estimates in August.

The data helped increase confidence that the Federal Reserve will continue lowering interest rates in the coming months.

Crude oil prices advanced on Friday as Russia restricted fuel exports by introducing a partial ban on diesel exports until the end of 2025. West Texas Intermediate crude for November delivery was up $0.59 or 0.91 percent at $65.57 per barrel.